GameStop stock up on rumors of Microsoft NFT game partnership

The stock price of popular video game store chainGameStop (GME) surged roughly 13% in one day amid rumors circulating onlineregarding a partnership with Microsoft to work on NFT gaming.

GME sits at $115.60 as of market close on Feb. 8 andhas also held around that level in after-hours trading according to data fromTradingView.

GME started February at around the $100 region and hasbeen pumping this month on the back of GameStop’s partnership withNFT focused Layer-2 Ethereum scaling solution Immutable X to develop itsupcoming NFT marketplace. As part of the deal, GameStop is also rolling out a$100 million grant program denominated in IMX tokens for NFT content creatorsand tech developers.

The latest rumors circulating via channels such asReddit and Twitter suggest that GameStop may team up with Microsoft to launchNFT integrations into existing games, along with creating new NFT focusedgames.

Commenting on Microsoft’s major $69 billionacquisition of gaming giant Activision Blizzard, bamfcoco1 a reddit userpointed to the firm’s turn-based player vs player collectible card gameHearthstone as something ripe for NFT integrations via Immutable X andGameStop.

It appears that Web3 and NFT related announcementshave a strong impact on the price of GameStops shares. Cointelegraph reportedin early January that the price of GME gained a whopping 26% in afterhourstrading after the unveiling of the firm’s new NFT division.